January Employment Gains - February 2022
On Friday, February 04, 2022, the Labor Department reported that the U.S. economy added 467,000 jobs in January. This far exceeded expectations of near-zero additional jobs. The unemployment rate increased to 4% from 3.9%, indicating more people are entering the workforce looking for employment. Part of what draws potential employees back to the workforce is the growth in wages in January of 5.7%, well above pre-pandemic levels. These data points support the view that the Federal Reserve will begin raising interest rates in March of this year.